Market note · November 2026
Georgia’s economy grew 7.4% in the first nine months of 2026
Preliminary Geostat data show steady, broad-based growth, exports are rising almost four times as fast as imports, and the EBRD has raised its full-year forecast. Here is what the numbers mean for investors.
The numbers
According to Geostat’s rapid estimates, the economy grew 6.0% year on year in September, after 6.3% in August and 8.0% in July. Second-quarter growth was 6.9%. Monthly growth has eased since the summer, but the nine-month average of 7.4% is still well above the EBRD’s full-year forecast of 6.5%.
Where the growth comes from
In September, the main contributors were construction, information and communication, mining and quarrying, trade, and financial and insurance services. Manufacturing and administrative services declined. For the first half of the year, the EBRD named ICT, manufacturing, transport and storage, and finance as the main drivers.
Trade is a large part of the story. In January–September, exports grew 19.6% while imports grew 5.3%, and total merchandise trade rose 9.2% to USD 20.5bn. Tourism is no longer the main engine: the EBRD estimates that tourism income fell 2% in the first half.
What it means for investors
- Real estate. Construction is among the fastest-growing sectors, so more supply is coming to market. Asset selection, location and tenant quality will matter more to returns than the market as a whole.
- Private credit. In our experience, fast-growing companies in ICT, logistics and trade often need capital sooner, or on more flexible terms, than local banks provide.
- Trade finance. Rising exports increase demand for pre-export finance, bank credit lines and letters of credit.
The risks
Monthly growth has slowed from 8.6% in June to 6.0% in September, and annual inflation rose to 5.9% in October, with core inflation at 4%. The outlook also depends on regional stability. These are preliminary estimates and may be revised.
How we help
We advise family offices and private investors on capital and market access in Georgia and the wider region: private debt and equity, bank credit lines, trade finance and real estate.
Discuss an investment in Georgia
Information current as of November 2026; not investment, legal or tax advice.
- SOVA News, “Statistics Office: Georgia’s GDP Grew by 6% in September” (Geostat rapid estimate), 30 October 2026
- Trading Economics, “Georgia GDP Growth Eases to 11-Month Low in September”, 30 October 2026
- Civil.ge, “Georgia Records 6.9% GDP Growth in Q2 2026”
- Georgia Today, “EBRD raises Georgia’s 2026 economic growth forecast to 6.5%” (EBRD Regional Economic Prospects), 28 September 2026
- Trend.Az, “Georgia’s exports grow 19.6% in Jan–Sept, nearly 4 times import pace”
- Trend.Az, “Georgia’s annual inflation rises to 5.9% in October, core at 4%”